In today’s technology-driven era, there is software available that can make residential property management so much simpler. However, the person in charge of using the software needs to understand the basic accounting concepts used in the software.
Residential property management offers several key cost savings to property owners. While the property owner gives up direct control of day to day management, in exchange, he or she can benefit from time savings, reduced repair, security and landscaping costs. Additionally, property owners will benefit from increased or maintained property values as the property is kept in good repair and appearance.